March 29, 2017:
Aquinas Energy Resources Inc. is pleased to announce the test results for the TL Smith No. 25 well that was recently completed on the TL Smith lease at Damon, TX. The well was perfed for production from the Upper Frio (F2), the perf was completed with success and production has ensued. The following represents the test results from March 29, 2017.
At this time, TL Smith No. 25 is performing along the pattern that management had anticipated. The well should bleed off naturally over the course of a few days and, at that time, a pump and permanent tanks will be installed. It is the opinion of the Aquinas geologist and petroleum engineer that the TL Smith No. 25 should be able to produce at the rate of 65 BOPD, which is what Aquinas previously presented to investors. We anticipate an opportunity for the first sale of oil and resulting revenue to be available for distribution in May from GulfMark Energy, Inc., who is currently contracted to purchase the TL Smith No. 25 production.
Please note there is still potential recoverable reserves in the Frio 1 and the Marge zones as evidenced by the well log and coring samples.
Aquinas is now moving to drill Polak No.1, a proposed well approximately 1600' west of TL Smith No. 25.
February 2, 2017:
Aquinas Energy Resources Inc., a 25% farm-out participant, has drilled a successful step out at Damon Mound in Brazoria County, Texas. Delco Operating Company LP will be the Operator of the TL Smith No. 25 well. The directionally drilled well encountered Margulina and Frio oil sands 120’ high to production on the TL Smith Lease. Baker Hughes well logs and side wall cores show an apparent thickness of 38 feet of oil sand in the Frio and 16 feet of oil sand in the Margulina. The cores indicate that oil gravities range from 27 degrees to 31 degrees API. Porosities of 28% to 30% and permeability between 450md. and 2000md. show the well will have an excellent rate of production.
Consulting Geologist to
Aquinas Energy Resources Inc.
770 S. Post Ln. Suite 415
Houston, TX 77056
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